Joby Aviation has issued its First Quarter 2023 Shareholder Letter detailing the company’s operating and financial results for the period ended March 31, 2023.
The key financial highlights from the quarter, according to the company, are:
“Joby continues to maintain a strong balance sheet with USD978 million in cash and short-term marketable securities at the end of the quarter, excluding approximately USD180 million of net proceeds from its public offering, led by Baillie Gifford, which was announced earlier today (May 3) and is expected to close on May 5, 2023. These additional funds are expected to be used to accelerate Joby’s early production, enabling the business to capitalize on near-term revenue opportunities without impacting the funds available to carry the company through to type certification of its electric vertical take-off and landing (eVTOL) aircraft.
Key operating highlights from the quarter:
- First company-conforming aircraft is nearing completion and is on track to roll out, as planned, in the first half of this year
- Signed a USD55 million contract extension with the Department of Defense that includes the provision and operation of up to nine aircraft, with the first two to be stationed at Edwards Air Force Base by early 2024
- A further three Area Specific Certification Plans (ASCPs) were submitted to the FAA, bringing the total to 11 of 13 ASCPs submitted. Two additional ASCPs were accepted by the FAA
- Four U.S. Air Force pilots learned to fly the Joby aircraft, becoming the first uniformed personnel to fly an eVTOL aircraft through transition as sole pilot-in-command
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(Image: A U.S. Air Force pilot inspects the Joby eVTOL aircraft ahead of becoming one of the first uniformed personnel to fly an eVTOL aircraft through transition as sole pilot-in-command – Joby Aviation)